MIRA INFORM REPORT

 

 

Report Date :

01.07.2014

 

IDENTIFICATION DETAILS

 

Name :

DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED

 

 

Formerly Known As :

DOW SERVICES SINGAPORE PTE LTD

 

 

Registered Office :

260, Orchard Road, 18-01, The Heeren, 238855,

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

09.11.1992

 

 

Com. Reg. No.:

199206043-M

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Distributor of chemicals, plastic materials, and agricultural and specialized products

 

 

No. of Employees :

200 (2014)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Moderate

Payment Behaviour :

Unknown

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

SINGAPORE - ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

 

Source : CIA

 

 

 

 

EXECUTIVE SUMMARY

 

 

REGISTRATION NO.

:

199206043-M

COMPANY NAME

:

DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED

FORMER NAME

:

DOW SERVICES SINGAPORE PTE LTD (13/11/1997)

INCORPORATION DATE

:

09/11/1992

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

260, ORCHARD ROAD, 18-01, THE HEEREN, 238855, SINGAPORE.

BUSINESS ADDRESS

:

260 ORCHARD ROAD, #18-01 THE HEEREN, 238855, SINGAPORE.

TEL.NO.

:

65-68353773

FAX.NO.

:

65-68340315

EMAIL

:

DOWCIG@DOW.COM

WEB SITE

:

WWW.DOW.COM

CONTACT PERSON

:

CHRIS NG CHEE KHIANG ( DIRECTOR )

PRINCIPAL ACTIVITY

:

DISTRIBUTOR OF CHEMICALS, PLASTIC MATERIALS, AND AGRICULTURAL AND SPECIALIZED PRODUCTS

ISSUED AND PAID UP CAPITAL

:

79,296,436.00 ORDINARY SHARE, OF A VALUE OF SGD 79,296,436.00

SALES

:

USD 1,361,008,395 [2012]

NET WORTH

:

USD (394,864,943) [2012]

STAFF STRENGTH

:

200 [2014]

BANKER (S)

:

JPMORGAN CHASE BANK

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

POOR

PAYMENT

:

N/A

MANAGEMENT CAPABILITY

:

WEAK

COMMERCIAL RISK

:

MODERATE

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) distributor of chemicals, plastic materials, and agricultural and specialized products.

 

The immediate and ultimate holding company of the Subject is THE DOW CHEMICAL COMPANY, a company incorporated in UNITED STATES.

 

Share Capital History

Date

Issue & Paid Up Capital

27/02/2014

SGD 79,296,436.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

THE DOW CHEMICAL COMPANY

2030, DOW CENTRE, MIDLAND MICHIGAN, 48674, UNITED STATES.

USS92UF0125

79,296,436.00

100.00

---------------

------

79,296,436.00

100.00

============

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

200812137G

SINGAPORE

K-DOW PETROCHEMICALS SINGAPORE PRIVATE LIMITED

100.00

31/12/2012

201108253D

SINGAPORE

A-TEC CHEMICAL PTE. LTD.

100.00

31/12/2011

209598K

MALAYSIA

DOW CHEMICAL (MALAYSIA) SDN. BHD.

100.00

31/12/2012

INDIA

DOW CHEMICAL INTERNATIONAL PRIVATE LIMITED

99.00

31/12/2012

INDONESIA

PT DOW INDONESIA

99.00

31/12/2012




 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

YVONNE TAN SU-MIN

Address

:

34, COVE WAY, 098157, SINGAPORE.

IC / PP No

:

S7003992C

Nationality

:

SINGAPOREAN

Date of Appointment

:

12/07/2004

 

DIRECTOR 2

 

Name Of Subject

:

CHRIS NG CHEE KHIANG

Address

:

7, DRAYCOTT DRIVE, 13-02, 259421, SINGAPORE.

IC / PP No

:

S1245188A

Nationality

:

SINGAPOREAN

Date of Appointment

:

01/05/2006

 

DIRECTOR 3

 

Name Of Subject

:

EDDY SETIAWAN

Address

:

8A, PATERSON HILL, 07-03, THE MARQ ON PATERSON HILL, 238568, SINGAPORE.

IC / PP No

:

G5654068M

Nationality

:

INDONESIAN

Date of Appointment

:

16/04/2012

 

MANAGEMENT

 

 

 

1)

Name of Subject

:

CHRIS NG CHEE KHIANG

Position

:

DIRECTOR

 

 

AUDITOR

 

Auditor

:

DELOITTE & TOUCHE LLP

Auditor' Address

:

6, SHENTON WAY, 32-00, DBS BUILDING, 068809, SINGAPORE

 

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

CATHERINE LIM SIOK CHING

IC / PP No

:

S7540675D

Address

:

116, BISHAN STREET 12, 05-44, BISHAN VIEW, 570116, SINGAPORE.

 

 

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

JPMORGAN CHASE BANK

 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

LEGAL CHECK AGAINST SUBJECT


* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.


 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES

 

CLIENTELE

 

Local

:

YES

Percentage

:

60%

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Percentage

:

40%

Export Market

:

ASIA

EUROPE

Credit Term

:

AS AGREED

Payment Mode

:

CHEQUES
LETTER OF CREDIT (LC)

 

OPERATIONS

 

Goods Traded

:

CHEMICALS, PLASTIC MATERIALS, AND AGRICULTURAL AND SPECIALIZED PRODUCTS

Ownership of premises

:

OWNED

 

Total Number of Employees:

 

YEAR

2014

2013

2012

2011

2010

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

200

200

170

170

166

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) distributor of chemicals, plastic materials, and agricultural and specialized products.

Some of the product that the Subject offer are as follows:

- plastics
- dow automotive:
- dow epoxy
- electronics
- fabricated products
- chemical (acrylics, solvents and intermediates)
- industrial chemicals
- performance chemicals
- propylene oxide and propylene glycols
- specialty polymers
- water soluble polymers


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-68353773

Match

:

N/A

Address Provided by Client

:

260, ORCHARD ROAD, # 18-01 THE HEEREN SINGAPORE 238855

Current Address

:

260 ORCHARD ROAD, #18-01 THE HEEREN, 238855, SINGAPORE.

Match

:

YES

 

Other Investigations


we contacted one of the staff from the Subject and she provided some information.


FINANCIAL ANALYSIS

 

 

Profitability

Turnover

:

Increased

[

2009 - 2012

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2012

]

Return on Shareholder Funds

:

Unfavourable

[

59.38%

]

Return on Net Assets

:

Unfavourable

[

58.42%

]

The Subject's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.Higher losses before tax during the year could be due to the higher operating costs incurred. Although the Subject's returns showed positive figures it is not reflective of the true situation. The Subject incurred losses during the year and its shareholders' funds have turned red. The positive returns on shareholders' funds is the result of losses divided by negative shareholders' funds. The Subject's management was inefficient in utilising the assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

35 Days

]

Debtor Ratio

:

Favourable

[

33 Days

]

Creditors Ratio

:

Favourable

[

4 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Unfavourable

[

0.53 Times

]

Current Ratio

:

Unfavourable

[

0.64 Times

]

A low liquid ratio means that the Subject may be facing working capital deficiency. If the Subject cannot obtain additional financing or injection of fresh capital, it may face difficulties in meeting its short term obligations.

Solvency

Interest Cover

:

Unfavourable

[

(68.81 Times)

]

Gearing Ratio

:

Unfavourable

[

(0.00 Times)

]

The Subject incurred losses in the year. It did not generate sufficient income to service its interest.  If the situation does not improve, the Subject may be vulnerable to default in servicing the interest. The Subject's gearing was negative during the year as its shareholders' funds was in the red. This means the Subject is running its business using borrowed money. We consider the Subject as facing high financial risks.

Overall Assessment :

Although the Subject's turnover increased its profits however showed a reverse trend. The losses could be due to the management's failure to maintain its competitiveness in the market. Due to its weak liquidity position, the Subject will be faced with problems in meeting all its short term obligations if no short term loan is obtained or additional capital injected into the Subject. The Subject's interest cover was negative, indicating that it did not generate sufficient income to service its interest. If its result does not show impressive improvements or succeed obtaining short term financing or capital injection, it may not be able to service its interest and repay the loans. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : POOR

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

 

Major Economic Indicators :

2008

2009

2010

2011

2012

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

(0.8)

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.37

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

(2.2)

4.3

12.8

8.5

(1.3)

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

(32.5)

25.6

9.4

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

(10.78)

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

(0.8)

11.4

2.8

(5)

(2.2)

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

(15.9)

(11.5)

(25.3)

(0.7)

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

(7.7)

103.7

(26.3)

(38.2)

35.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

(0.32)

3.25

(0.48)

4.25

3.64

Fish Supply & Wholesale

(6.31)

(1.93)

(10.5)

12.10

(0.5)

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

Construction

45.90

(36.9)

14.20

20.50

28.70

Real Estate

(11.2)

1.4

21.3

25.4

31.9

 

Services

Electricity, Gas & Water

(1.3)

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

(5.9)

(16.4)

(0.4)

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

(0.9)

(1.4)

0.30

 

* Based on Index of Industrial Production (2011 = 100)



INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1992, the Subject is a Private Limited company, focusing on distributor of chemicals, plastic materials, and agricultural and specialized products. With over 2 decades of experience in the business, the Subject has fairly rich experiences in the business and has achieved a certain market share. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

Our investigation revealed that the Subject serves both local and overseas clients. Penetrating into the overseas countries has well diversified its business risk. However, being a loss making company indicates that the Subject faces difficulties in the market. The Subject is a fairly large company with over 200 staff in its operations. An unfavourable return on shareholders' funds implies that the Subject's management capability is weak.

Despite the higher turnover, the Subject suffered pre-tax losses which reflected a highly competitive business environment. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. Due to its weak liquidity position, the Subject may face working capital deficiency in meeting its short term financial obligations if no fresh capital are injected into the Subject. The Subject's unfavourable financial performance over the years has wiped out its shareholders' funds to a deficit of USD 394,864,943. Therefore, the Subject as a going concern is much dependent on its ability to generate sufficient cash flow and obtain additional financing to meet its future obligations.

Without a strong assets backing, the Subject may face difficulties in getting loans for its future expansion and continued growth. The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. However, the Subject does not take any advantage from this favourable condition as it is making losses in this few years. The Subject should adopt more competitive strategies to retain its business position in the market.

In view of its red shareholders' fund, we do not recommend any credit be granted to the Subject.

 



PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

TURNOVER

1,361,008,395

1,303,427,655

880,382,009

779,698,793

----------------

----------------

----------------

----------------

Total Turnover

1,361,008,395

1,303,427,655

880,382,009

779,698,793

Costs of Goods Sold

(1,542,857,745)

(1,403,680,596)

(842,194,777)

(770,320,623)

----------------

----------------

----------------

----------------

Gross Profit

(181,849,350)

(100,252,941)

38,187,232

9,378,170

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

(234,043,803)

(152,759,024)

(4,939,818)

(47,987,272)

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

(234,043,803)

(152,759,024)

(4,939,818)

(47,987,272)

Taxation

(433,544)

(1,167,895)

(1,139,667)

(2,458,455)

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

(234,477,347)

(153,926,919)

(6,079,485)

(50,445,727)

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

(211,790,935)

(57,864,016)

(51,784,531)

(1,338,804)

----------------

----------------

----------------

----------------

As restated

(211,790,935)

(57,864,016)

(51,784,531)

(1,338,804)

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

(446,268,282)

(211,790,935)

(57,864,016)

(51,784,531)

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

(446,268,282)

(211,790,935)

(57,864,016)

(51,784,531)

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Loan from subsidiary companies

-

-

-

6,221

Others

3,352,480

4,190,815

8,551,394

11,532,690

----------------

----------------

----------------

----------------

3,352,480

4,190,815

8,551,394

11,538,911

=============

=============

=============

=============

 

 

 

BALANCE SHEET

 

 

DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED

 

ASSETS EMPLOYED:

FIXED ASSETS

7,683,568

5,981,139

3,939,808

4,149,113

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

7,818,463

7,966,943

1,608,500

1,460,000

Investments

2,473,509

2,473,509

2,473,509

2,730,245

Others

-

21,339,013

14,790,000

-

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

10,291,972

31,779,465

18,872,009

4,190,245

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

17,975,540

37,760,604

22,811,817

8,339,358

CURRENT ASSETS

Stocks

128,742,356

110,996,129

78,449,604

54,066,941

Trade debtors

124,187,813

143,091,535

173,453,255

165,586,029

Other debtors, deposits & prepayments

329,755,221

420,938,176

342,093,249

666,667,633

Amount due from holding company

847,217

2,312,410

-

-

Amount due from subsidiary companies

4,069,590

4,967,387

-

-

Amount due from related companies

147,525,224

116,008,023

-

-

Cash & bank balances

5,911,146

1,183,095

173,507

902,294

Others

6,549,013

19,518,633

-

10,000

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

747,587,580

819,015,388

594,169,615

887,232,897

----------------

----------------

----------------

----------------

TOTAL ASSET

765,563,120

856,775,992

616,981,432

895,572,255

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

15,096,273

7,614,745

183,528,511

117,654,564

Other creditors & accruals

780,896,738

564,001,175

412,035,960

749,668,466

Bank overdraft

65,099

22,740

20,227

635,518

Amounts owing to holding company

41,517,801

85,981,222

28,167,632

28,167,632

Amounts owing to subsidiary companies

6,328,364

4,852,099

-

-

Amounts owing to related companies

211,223,788

222,016,447

-

-

Provision for taxation

-

-

-

783,525

Other liabilities

105,300,000

133,467,632

-

-

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

1,160,428,063

1,017,956,060

623,752,330

896,909,705

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

(412,840,483)

(198,940,672)

(29,582,715)

(9,676,808)

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

(394,864,943)

(161,180,068)

(6,770,898)

(1,337,450)

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

48,472,280

48,472,280

48,472,280

48,472,280

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

48,472,280

48,472,280

48,472,280

48,472,280

RESERVES

Capital reserve

2,931,059

2,138,587

2,620,838

1,974,801

Retained profit/(loss) carried forward

(446,268,282)

(211,790,935)

(57,864,016)

(51,784,531)

----------------

----------------

----------------

----------------

TOTAL RESERVES

(443,337,223)

(209,652,348)

(55,243,178)

(49,809,730)

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

(394,864,943)

(161,180,068)

(6,770,898)

(1,337,450)

----------------

----------------

----------------

----------------

(394,864,943)

(161,180,068)

(6,770,898)

(1,337,450)

=============

=============

=============

=============

 

 

FINANCIAL RATIO

 

 

DOW CHEMICAL PACIFIC (SINGAPORE) PRIVATE LIMITED

 

TYPES OF FUNDS

Cash

5,911,146

1,183,095

173,507

902,294

Net Liquid Funds

5,846,047

1,160,355

153,280

266,776

Net Liquid Assets

(541,582,839)

(309,936,801)

(108,032,319)

(63,743,749)

Net Current Assets/(Liabilities)

(412,840,483)

(198,940,672)

(29,582,715)

(9,676,808)

Net Tangible Assets

(394,864,943)

(161,180,068)

(6,770,898)

(1,337,450)

Net Monetary Assets

(541,582,839)

(309,936,801)

(108,032,319)

(63,743,749)

BALANCE SHEET ITEMS

Total Borrowings

65,099

22,740

20,227

635,518

Total Liabilities

1,160,428,063

1,017,956,060

623,752,330

896,909,705

Total Assets

765,563,120

856,775,992

616,981,432

895,572,255

Net Assets

(394,864,943)

(161,180,068)

(6,770,898)

(1,337,450)

Net Assets Backing

(394,864,943)

(161,180,068)

(6,770,898)

(1,337,450)

Shareholders' Funds

(394,864,943)

(161,180,068)

(6,770,898)

(1,337,450)

Total Share Capital

48,472,280

48,472,280

48,472,280

48,472,280

Total Reserves

(443,337,223)

(209,652,348)

(55,243,178)

(49,809,730)

LIQUIDITY (Times)

Cash Ratio

0.01

0.00

0.00

0.00

Liquid Ratio

0.53

0.70

0.83

0.93

Current Ratio

0.64

0.80

0.95

0.99

WORKING CAPITAL CONTROL (Days)

Stock Ratio

35

31

33

25

Debtors Ratio

33

40

72

78

Creditors Ratio

4

2

80

56

SOLVENCY RATIOS (Times)

Gearing Ratio

-0.00

-0.00

-0.00

(0.48)

Liabilities Ratio

(2.94)

(6.32)

(92.12)

(670.61)

Times Interest Earned Ratio

(68.81)

(35.45)

0.42

(3.16)

Assets Backing Ratio

(8.15)

(3.33)

(0.14)

(0.03)

PERFORMANCE RATIO (%)

Operating Profit Margin

(17.20)

(11.72)

(0.56)

(6.15)

Net Profit Margin

(17.23)

(11.81)

(0.69)

(6.47)

Return On Net Assets

58.42

92.18

(53.34)

2,725.21

Return On Capital Employed

58.43

92.19

(53.50)

5,192.58

Return On Shareholders' Funds/Equity

59.38

95.50

89.79

3,771.78

Dividend Pay Out Ratio (Times)

0.00

0.00

0.00

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.09

UK Pound

1

Rs.102.33

Euro

1

Rs.82.01

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

New Business

 

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.